---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-027953"
form_type: "8-K"
ticker: "ANRO"
cik: "0001999480"
company_name: "Alto Neuroscience, Inc."
filed_at: "2026-03-16T23:59:59+00:00"
generated_at: "2026-05-15T11:58:39.861375+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Alto Neuroscience raises $120M via PIPE to fund ALTO-207 Phase 3 in TRD

## Summary
- Gross proceeds ~$120M from sale of 2.9M shares at $20.00 and 3.1M pre-funded warrants at $19.9999.
- Financing led by Commodore Capital with participation from new and existing biotech investors.
- Proceeds to fund ALTO-207 (pramipexole/ondansetron combo) through planned Phase 3 TRD study and potential NDA.
- Plan to initiate ALTO-207 Phase 2b in H1 2026 and Phase 3 in early 2027; pro forma cash ~$275M as of Feb 28, 2026.
- Closing expected March 17, 2026; Jefferies, BofA, TD Cowen, Stifel, William Blair, Baird as placement agents.

## SEC filing metadata
- accession: 0001104659-26-027953
- form_type: 8-K
- ticker: ANRO
- cik: 0001999480
- company_name: Alto Neuroscience, Inc.
- filed_at: 2026-03-16T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1999480/000110465926027953/0001104659-26-027953-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1999480/000110465926027953/tm268876d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-027953
- JSON: https://secwatch.observer/filing/0001104659-26-027953.json
- Plain text: https://secwatch.observer/filing/0001104659-26-027953.txt

## Key facts
- Material Agreements
  Alto Neuroscience, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at approximately $120.0 million (effective 2026-03-16).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain institutional investors
  - Value: approximately $120.0 million
  - Effective: 2026-03-16
  source text: On March 16, 2026, Alto Neuroscience, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain institutional investors (the “ Purchasers ”), pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement transaction (the “ Private Placement ”) (i) 2,900,000 shares (the “ Shares ”) of the Company’s common stock, par value $0.0001 (“ Common Stock ”), and (ii) with respect to certain Purchasers, pre-funded warrants to purchase 3,100,000 shares of Common Stock (the “ Pre-Funded Warrants ”) in lieu of Shares.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1999480/000110465926027953/0001104659-26-027953-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.